GDP - Western Union MoneyGram recommences services to Afghanistan after two weeks

In August last week, two big U.S. money-transfer services — Western Union (NYSE:WU) and MoneyGram International (NASDAQ:MGI) halted payments to Afghanistan which was an important source of support for many Afghan families. Yesterday, both resumed money-transfer services to Afghanistan in line with a U.S. push to allow humanitarian activity to continue after the Taliban's takeover. The move comes in after an ease of security concerns following the completion of the Taliban's conquest of the country. In a statement, MoneyGram said following guidance from the U.S. government, it was resuming its services in coordination with its partners in the country and the Afghanistan Banks Association. In 2020, remittances to Afghanistan reached $789M which forms ~4% of the country's GDP, the World Bank estimated, down from $829M in 2019. Jean Claude Farah, WU's president in Asia, Europe, the Middle East and Africa said it had been assured by the banks it partners with in Afghanistan

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Western Union, MoneyGram recommences services to Afghanistan after two weeks